Rebooting the Eurozone: Step 1 – agreeing a crisis narrative

CEPR Policy Insight No 85

Richard Baldwin, Thorsten Beck, Agnès Bénassy-Quéré, Olivier J Blanchard, Giancarlo Corsetti, Paul De Grauwe, Wouter Den Haan, Francesco Giavazzi, Daniel Gros, Sebnem Kalemli-Ozcan, Stefano Micossi, Elias Papaioannou, Paolo Pesenti, Christopher Pissarides, Guido Tabellini, Beatrice Weder di Mauro

The Eurozone Crisis, which broke out in May 2010, is a long way from finished. Worse yet, many of the fragilities and imbalances that primed the monetary union for the Crisis are still present. EZ decision-makers will never agree upon the changes needed to prevent future crises unless they agree upon the basic facts that explain how the EZ Crisis got so bad and lasted so long. CEPR Policy Insight 85 presents a consensus narrative of the causes.